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Gucci sales in Ireland decline 59pc during pandemic





Ireland’s passion for fashion appeared to take a hit during the Covid-19 pandemic, with designer label powerhouse Gucci’s Irish division reporting a 59pc decline in sales to just over €2.3m.

Last week, Gucci Ireland, the Irish subsidiary for one of the world’s leading luxury brands, released its results for the year ended February 28, 2021.

Despite the drop in sales, profit before tax only dropped marginally to just over €205,000, down from nearly €265,500 the previous year.

The average number of people employed by Gucci Ireland during the year was 12, down four on 2020.

Gucci Ireland indicated in the results that due to the measures taken by the Government in 2021 around restrictions for international travellers visiting Ireland, it anticipated its first half of the year sales to be “significantly impacted”. It added that it didn’t believe the pandemic called into question the development of the luxury industry or its long-term growth potential.

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Irish global employment services platform Boundless HQ, which supplies thousands of remote staff members to client companies around the world, expects to raise “around €15m” as part of a venture capital funding round later this year.
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The firm would begin the venture capital round by the summer, said Coakley.

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